The formation of an ASEAN Economic Community (AEC) by the end of this year caught interests from business executives participating in the Vietnam CEO Forum 2015, organised in Ho Chi Minh City on September 24.

This year’s CEO Forum updated businesses on integration opportunities and challenges and helped them learn experience from domestic and foreign firms during the process.

Participants agreed that Vietnamese businesses, small or big, all will encounter a lot of challenges and opportunities when participating in free trade markets.

They discussed and put forth strategies for businesses’ better integration, including “defend or attack”, “cooperate or confront”, and “lead or follow”.

Speaking at the event, Deputy Minister of Industry and Trade Tran Tuan Anh said that during the long integration process, Vietnam has posted strong developments, as evidenced by enterprises’ improved competitiveness and export growth.

However, the establishment of the AEC by the year-end will be coupled with more pressures on business and production capacity and market competitiveness for Vietnamese enterprises as it will encourage trade exchanges, and the free travel of goods, investments and labour among the 600-million-people-strong market.

As such, enterprises must change their mindset to be able to stand firm in the integration process, he suggested.

The annual event was co-organised by the Young Businesspeople Association of Ho Chi Minh City, the Leading Business Club, the 2030 Businessmen Club and the Business Association of Vietnamese High-quality Goods.-VNA